Soyabean spot basis bids weakened on the Illinois River for the fourth straight on Thursday and were also lower on the Mississippi River, as a slowdown in export demand at the US Gulf pressured demand for the oilseed. Soyabean spot basis bids slid by 2-1/2 cents on the Illinois River and by 1/2 cent on the Mississippi River.
Corn spot basis bids were mostly flat at Midwestern locations as futures values slide and farmer sales remain slow. Farmers have sold few corn or soyabeans this week after futures for each crop fell sharply early in the week. Producers were active sellers in the previous two weeks but sales and deliveries slowed as they focus on fieldwork and spring plantings, dealers said.
Unseasonably warm weather have allowed farmers in some areas to get an early start on field work, including tilling fields, spraying weeds, and applying fertiliser. A corn basis bid slipped by 3 cents at a processor in Cincinnati, Ohio. USDA's weekly export sales report on Thursday showed US export sales of corn last week at 917,100 tonnes, above estimates for 650,000 to 850,000 tonnes. USDA reported export sales of US soyabeans in the latest week at 532,800 tonnes (old and new crop years combined), below a range of trade estimates for 900,000 to 1 million tonnes.
The US Agriculture Department said weekly export sales of wheat were 541,300 tonnes, topping forecasts for 400,000 to 500,000 tonnes. A week ago, export sales of wheat were 360,300 tonnes. CBOT corn was 3 to 3-1/2 cents lower, wheat down 4 cents, while soyabeans were down 13 to 13-1/2 cents.